Giant Eagle

Highlights:

• LONG TERM NNN LEASE | ZERO LANDLORD RESPONSIBILITY Giant Eagle is operating on a sublease with primary term expiring on December 31, 2038 with zero landlord responsibilities, making the subject offering a truly passive investment. In addition to the 14 years of remaining term, Giant Eagle has sixteen, 5-year options to extend.
• TRULY PASSIVE INVESTMENT Giant Eagle is operating on an absolute NNN lease with 14 years of remaining base term, and no landlord maintenance responsibilities, making it a truly passive investment.
• INDUSTRY LEADING TENANT | STABLE GROCERY INVESTMENT Giant Eagle is the dominant traditional grocer in Western Pennsylvania, with 97 locations in the state including a 23.4% market share in the Erie market and 40.6% share in Pittsburgh. The grocery sector provides a stable and defensive investment given its strong consumer demand no matter the economic cycle. The subject location is generating outstanding store sales of over $550 per square foot.
• REGIONAL SHOPPING DESTINATION | 2ND LARGEST MALL IN THE STATE Giant Eagle is situated in the Millcreek Mall Complex, centered around the 2.2 million square feet Millcreek Mall. The complex is 97% leased to a strong lineup of national tenants including Macy’s and Boscov’s and caters to 11 million visits per year. Millcreek Mall is the only Super Regional mall in all of northwest Pennsylvania, with the nearest regional shopping destination located in Beaver Creek, PA, 100 miles south. The immense customer traffic drawn from northwest Pennsylvania, western New York, and northeast Ohio created by the Millcreek Mall Complex significantly increases traffic to the subject property.
• EXCELLENT ACCESS AND VISIBILITY The subject property is accessible by two points of access along Millcreek Road Boulevard. Giant Eagle features excellent visibility from Interchange and Edinboro Roads, which cater to over 20,000 vehicles per day. Additional visibility is provided by a prominent monument sign along Interstate 79 (30,253 VPD), which is visible from north and southbound lanes.
• UPSIDE POTENTIAL | FUTURE DEVELOPMENT OPPORTUNITY The ground lease in effect at the subject property permits the opportunity to develop an additional 5,000 square foot outparcel building.

Description:

Mid-America Real Estate Corporation, in cooperation with Benjamin J. Wineman (a licensed Pennsylvania real estate broker), has been retained on behalf of the owner to sell the leasehold interest in a freestanding, Giant Eagle grocery store. The subject offering is part of the high-performing Millcreek Mall Complex, the dominant enclosed super-regional mall serving the Erie market and one of Pennsylvania’s largest retail destinations.

Documents: